New John Street Apartments to Fund Brooklyn Bridge Park Expansion in DUMBO

Many New Yorkers know Brooklyn Bridge Park as an oasis in the city, and now there are plans to develop even more of the park using funds from a new apartment complex in the area. The John Street development project, which was awarded to Brooklyn-based Alloy Development and Monadnock Construction, is an exclusive residential complex that will boast just 47 units. The income generated through the land lease of the new building will be used towards completing the northernmost section of one of Brooklyn's most beloved waterfront parks.

According to Crains, the 100,000 square foot, 12-story residential building designed by Alloy is expected to fit right into Dumbo with its large windows and facade of metal panels. A mixed-use facility, it will also include cultural and retail space on the ground floor, which will be occupied by the Brooklyn Children’s Museum. Part of the revenue generated by the project’s development will be used not only to maintain existing facilities, but also to expand the park.

“Securing residential development at John Street further strengthens the park’s financial footing and our ability to operate and maintain the park far into the future,” said Regina Myer, President of Brooklyn Bridge Park. “In addition, we are thrilled to be developing and integrating new parkland into the northern portion of the park and improving pedestrian access at Jay Street.”

The Mayor’s office reported that guaranteed payments from the site will result in $21.6 million of net present value, and Alloy is aiming for LEED Gold certification. If all goes according to plan, the project will break ground in 2014.